SBP amends QCR rating criteria for certifying remittance verification State Bank of Pakistan

SBP amends QCR rating criteria for certifying remittance verification

KARACHI: State Bank of Pakistan (SBP) has amended Quality Control Review (QCR) criteria of accountancy firm regarding certification of remittance verification.

The SBP on Wednesday issued circular inviting attention of banks towards para 5 of Chapter 14 of Foreign Exchange Manual (FEM), in which they are allowed to effect remittance of surplus freight charges directly on behalf of concerned freight forwarder/consolidators on a fortnight basis, after verification of documentary evidence in support of the remittance.

READ MORE: SBP allows one-time facilitation to importers for consignment clearance

The central bank said thatin view of the representation received from stakeholders, it has been decided to amend para 5(i)(e) of Chapter 14 of FEM as under:

“Certificate from a practicing accountancy firm (having satisfactory QCR rating) to the effect that the amount of remittance applied for has been verified with reference to authenticated copies of prepaid Master Airway Bill/Master Bill of Lading with the related House Airway Bill /House Bill of Lading, cargo manifests and billed invoices from counterparts abroad and had been found correct. However, this requirement will not be applicable on monthly remittance of up to USD 10,000/- or equivalent.”

READ MORE: SBP withdraws prior permission for import transactions

Prior to the amendment the para is read as:

“Certificate from a practicing Chartered Accountancy firm (having satisfactory QCR rating by Institute of Chartered Accountant of Pakistan) to the effect that the amount of remittance applied for has been verified with reference to authenticated copies of prepaid Master Airway Bill/Master Bill of Lading with the related House Airway Bill /House Bill of Lading, cargo manifests and billed invoices from counterparts abroad and had been found correct. However, this requirement will not be applicable on monthly remittance of up to USD 10,000/- or equivalent.”

READ MORE: SBP issues instructions to banks for sugar export

All other terms and conditions on the subject shall remain unchanged. Authorized Dealers are advised to bring the above development to the notice of all their constituents for meticulous compliance.